Please do not give solution in image format thanku Exercise 7-33 (Algo) Prorate Under- or Overapplied Overhead (LO 7-3)Antoine Machining estimated its manufacturing overhead to be $293,880 and its direct materials costs to be $474,000 in Year 1. Threof the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $18,600 for Job AM002, $68,200 for JobAM005, and $86,800 for Job AM008. For Year 1, actual manufacturing overhead was $315,400 and total direct materials cost was$660,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates.Overhead applied in each of the inventory accounts is as follows:Work-in-process inventoryFinished goods inventoryCost of goods soldRequired:Prepare an entry to allocate the under- or overapplied overhead.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listNoA$ 24,55277,748306,900View journal entry worksheetTransaction1General JournalManufacturing Overhead AppliedWork-in-Process InventoryFinished Goods InventoryCost of Goods SoldDebit93,800Credit

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Description: Please do not give solution in image format thanku Exercise 7-33 (Algo) Prorate Under- or Overapplied Overhead (LO 7-3)Antoine Machining estimated its manufacturing overhead to be $293,880 and its direct materials costs to be $474,000 in Year 1. Thre

Applied overhead is an estimation or allocation of costs, and it may differ from the actual overhead…

Business

Accounting

Antoine Machining estimated its manufacturing overhead to be $293,880 and its direct materials costs of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $18,600 for AM005, and $86,800 for Job AM008. For Year 1, actual manufacturing overhead was $315,400 and to $660,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using prede

Antoine Machining estimated its manufacturing overhead to be $293,880 and its direct materials costs of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $18,600 for AM005, and $86,800 for Job AM008. For Year 1, actual manufacturing overhead was $315,400 and to $660,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using prede

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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